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27 AUGUST 2018 AL CIRCLE

Vedanta to invest US$8 billion in aluminium, other sectors

EDITED BY : HEENA IQBAL 1MINS READ

Mining and metals major Vedanta will invest up to US$8 billion to increase the production of aluminium, zinc, lead and oil over the next three years, Vedanta’s Chairman Navin Agarwal told shareholders at the company’s annual general meeting last Friday.

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“As India’s largest private oil producer, the company contributes 27 percent to domestic production and aims to take it up to 50 percent in two to three years,” Navin Agarwal said."We are also the largest aluminium producer in the country. This year, we had a record production at our zinc-lead-silver and aluminium businesses. We will be further investing $3-4 billion in these businesses in the next 2-3 years."

The company reported record quarterly aluminium production at 482,000 tonnes, an increase of 37% YoY.

Vedanta reported revenues of INR 22,206 crore, up 15 % YoY and EBITDA of INR 6,529 crore, up 31% YoY for the first quarter ended 30 June 2018.. The company posted PAT at INR 1,533 crore, up 2% YoY and a strong financial position with total cash & liquid investments of INR 35,251 crore.


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EDITED BY : HEENA IQBAL 1MINS READ

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